China’s growing gold stockpile

The news that a Chinese company is to buy the largest commercial gold vault in the world (inthe Chase Manhattan Plaza in New York) is yet another reflection of China’s enthusiasm for stockpiling gold. Although China only infrequently releases official figures on this matter,the World Gold Council estimates China will import over 1000 tonnes of gold this year, overtaking India as the biggest buyer in the world.
But whereas India is trying to reduce its gold imports through the imposition of taxes and import restrictions, China takes the opposite view and is encouraging the acquisition of gold by all sectors………………………………………..Full Article: Source